Gaming Market Size: Growth Engines, Segments, and 2028 Outlook

Global market size enters a steadier phase

In the Gaming sector, After two years of normalization following the pandemic boom, the global gaming market is back on a steadier growth trajectory. Industry trackers estimate 2023 revenues at roughly the high-$180 billions, supported by a resilient player base and ongoing expansion in mobile and live-service franchises. The market’s breadth and recurring monetization have limited volatility relative to other consumer tech categories, even as hardware cycles and macro conditions ebb and flow.

While unit economics have tightened for some publishers, demand remains broad-based. Global player counts still number in the billions, and recurring content updates continue to drive engagement. The report pipeline suggests incremental growth through 2024–2025 as hardware availability normalizes and premium releases stack into the calendar. This backdrop aligns with Newzoo’s latest Global Games Market Report, which points to a durable revenue base and a player ecosystem that has expanded beyond core markets.

The sector’s consolidation and platform dynamics are also recasting revenue pools. Subscription models, cross-play, and cloud services have widened access, while in-game monetization keeps average revenue per user elevated. With advertising, virtual goods, and battle passes becoming standard, publishers and platforms are securing more predictable cash flows even as launch-day volatility persists.

Segment dynamics: mobile leads, console content reaccelerates

Mobile continues to be the industry’s largest revenue contributor, buoyed by reach, low friction, and a deep catalog of free-to-play titles. Consumer spend on mobile games topped the $100 billion threshold in 2023, underscoring the platform’s dominance and improving monetization efficiency, according to the State of Mobile 2024 report. The combination of live-ops, sophisticated UA, and privacy-aware targeting is helping leading titles sustain multi-year revenue arcs.

Console cycles, meanwhile, are entering a content-rich phase. With supply constraints largely resolved, the installed base for current-generation hardware is expanding, creating tailwinds for premium releases and microtransaction-driven live-service games. In the U.S., spending rose to about $57 billion in 2023, reflecting a rebound led by content and accessories as well as a healthier hardware pipeline, according to industry reporting. PC gaming remains robust, anchored by free-to-play ecosystems, mod communities, and strong engagement in multiplayer and creator-driven platforms.